Zelenskyy announced a major audit of mineral resources in Ukraine

Zelenskyy announced a major audit of mineral resources in Ukraine

A large-scale audit of mineral resources in Ukraine will allow for the return of illegally appropriated deposits and create transparent conditions for attracting foreign investors. At the same time, the fund for subsoil management is just the first step, as serious American investments in technology and extraction are needed for effective development.

This was stated by the President of Ukraine, Volodymyr Zelenskyy, during a press conference on February 26. He emphasized that effective resource management requires understanding "where everything is located."

Specifically, Ukraine needs to review all licenses for deposit development, as a significant portion of these resources are currently unavailable for economic development. Some licenses are simply "dormant," bringing no benefit to the state, while others are held by individuals who do not conduct extraction but still obtain profits.

According to Zelenskyy, 50% of the profits from new licenses will go into a special fund created together with the USA. This will make the process of subsoil management more transparent and beneficial for Ukraine. "The fund is not enough to conduct development; it is not about the money. Serious American investments in extraction and technology are needed because some of our licenses are dormant, they are ’just lying there,’ held quietly by someone. These are serious technologies, costly stories," Zelenskyy noted.

The head of the finance committee, Danylo Hetmantsev, previously noted that over the past 30 years, most promising deposits have ended up in the hands of "respected individuals." This significantly complicated the attraction of new investors and effectively blocked the development of the extraction industry. According to him, the state must regain control over illegally distributed resources and ensure equal conditions for future developers.

One of the most striking examples of subsoil appropriation is the former minister in exile, Mykola Zlochevskyi, who received significant profits from Ukrainian deposits while residing abroad. Hetmantsev emphasizes that there are many such cases, and they need to be corrected.

The audit will be the first step towards forming a transparent mechanism for subsoil distribution. After the return of illegally appropriated deposits to state ownership, Ukraine will be able to openly offer them to investors on fair terms. This implies:

• elimination of shadow schemes for resource distribution;
• implementation of clear rules for obtaining licenses;
• guarantees of profitable income distribution;
• priority for resource processing within Ukraine.